Find short term lenders that will let you repay your loan early and save.
If you know you’ll be in a position to repay your short term loan off ahead of schedule, great! Repaying early can save you money in fees and make your budget easier to manage. Not all lenders have the same rules in place when it comes to repaying your loan early, so if you’re planning to do so, it’s important to ask ahead of time if there are any restrictions on early pay-off.
What to look for when comparing short term loan lenders
If you know ahead of time that you’ll be able to pay back the loan quicker than the term offered, you’ll want to check to see if you will be able to pay off, or settle, the loan amount early without penalties. If it isn’t immediately apparent when looking over loan terms, be sure to contact the lender and ask specifically. Always double-check the contract before you sign/agree to the terms.
How short term loans work
What you need to do to repay your loan early
When you’re ready to repay your short term loan ahead of schedule, make sure you do the following:
Check your loan contract
Your loan contract will establish any fees or penalties you might have to pay as well as any stipulations regarding early repayment of your loan. It’s best to be aware of these before you get in touch with your lender.
Contact your lender
The contact information for your lender will be listed on any correspondence, as well as on the lender’s site. You can usually contact lenders by email or phone, and some also offer online chat.
Ask how you are able to repay your loan early, what fees apply and if any savings or discounts are available. You should also ask how quickly you can settle the loan, because the more quickly it can be settled the more you can save.
Pay out your loan
Follow the instructions given to you by the lender to ensure the loan is paid out correctly. After you pay the loan out, make sure you can see the account is closed to avoid mistaken charges.
A selection of loans you can apply for
Here are some loan providers that you can apply to. Note that the max loan amount is based on the lender’s max amount and your state of residence.
A selection of lender connection services you can apply with
These lender connection services are not lenders, loan brokers or agents for any lender or loan broker. They also do not make credit decisions. They focus on trying to connect you with a lender that might be able to provide you the funds you seek. Note that the max loan amount is based on the providers’ max amount, but it will vary based on your state of residence. If you proceed with one of these services, confirm that the lender is reputable by checking with your local government.